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Equilar | Associated Press CEO Pay Study 2019

Median Pay Continued Steady Climb in 2018

May 24, 2019


Since 2011, Equilar has worked together with the Associated Press on annual CEO pay studies. The most recent edition identified trends in compensation awards for CEOs who served in that role at an S&P 500 company for at least two years as of fiscal year end 2018. Companies must have filed a proxy between January 1 and April 30, 2019 to be included in this study. Below are some highlights and key findings from this year’s study.

Key Findings

Pay Packages Increased 7.2% to $12 Million

Median total compensation* for individuals included in the 2019 Equilar | Associated Press CEO Pay Study totaled $12 million, a 7.2% increase from the year prior. The CEOs in the 2019 study a saw slightly smaller pay increase at the median when compared to 2018, as well as 2017, where there was an increase of 8.5% in both years. Below are the top 10 highest-paid executives that qualified for inclusion.

COMPANY NAME CHIEF EXECUTIVE TOTAL COMPENSATION
DISCOVERY
David M. Zaslav $129,499,005
WALT DISNEY
Robert A. Iger $65,645,214
JEFFRIES FINANCIAL GROUP
Richard B. Handler $44,674,213
HOLOGIC
Stephen P. MacMillan $42,040,142
ALIGN TECHNOLOGY
Joseph M. Hogan $41,758,338
PAYPAL
Daniel H. Schulman $37,764,588
NETFLIX
Reed Hastings $36,080,417
COMCAST
Brian L. Roberts $35,026,207
ACTIVISION BLIZZARD
Robert A. Kotick $30,841,004
JPMORGAN CHASE
James Dimon $30,019,840

More Female CEOs Made This Year’s List Than in 2018

Of the 340 executives in the study, 19 were women—this is two more than the previous year’s study. Those female executives earned a median $13.4 million, compared to $11.7 million at the median for the 321 male executives. The list of women who held the chief executive post at S&P 500 companies in 2017 and 2018—and their reported compensation for the most recent year—is below.

COMPANY NAME CHIEF EXECUTIVE TOTAL COMPENSATION
GENERAL MOTORS
Mary T. Barra $21,870,450
LOCKHEED MARTIN
Marillyn A. Hewson $21,516,613
GENERAL DYNAMICS
Phebe N. Novakovic $20,720,254
IBM
Virginia M. Rometty $17,552,218
NASDAQ
Adena T. Friedman $14,366,397
Ulta Beauty
Mary N. Dillon $14,245,418
PROGRESSIVE
Susan P. Griffith $14,172,925
OCCIDENTAL PETROLEUM
Vicki Hollub $14,105,693
DUKE ENERGY
Lynn J. Good $13,794,367
ADVANCED MICRO DEVICES
Lisa T. Su $13,356,392
MYLAN
Heather Bresch $13,332,368
VENTAS
Debra A. Cafaro $13,116,202
SYNCHRONY FINANCIAL
Margaret M. Keane $12,449,138
ROSS STORES
Barbara Rentler $12,248,994
KeyCorp
Beth E. Mooney $9,059,905
CMS ENERGY
Patricia K. Poppe $8,091,185
ARISTA NETWORKS
Jayshree Ullal $7,550,074
Alliant Energy
Patricia L. Kampling $6,166,709
AMERICAN WATER WORKS
Susan N. Story $4,983,114

Industry Comparison—Healthcare Once Again Leads the Way

Similar to last year’s study, the healthcare sector, which includes traditional healthcare, insurance as well as biopharma companies, had the highest median CEO pay package among S&P 500 companies at $16.1 million, followed by basic materials at $12.8 million. CEOs within the utilities industry were awarded a median $9.7 million, the lowest of the industry sectors in the study. View the full industry comparison below.

INDUSTRY SECTOR NUMBER OF CEOS MEDIAN TOTAL COMPENSATION
Healthcare
42 $16,104,575
Basic Materials
38 $12,811,380
Services
47 $12,410,769
Industrial Goods
34 $11,712,005
Financial
85 $11,383,073
Technology
40 $11,147,482
Consumer Goods
29 $10,577,841
Utilities
25 $9,736,688

Geographical Breakdown—New York CEO Pay Packages Still Reign Supreme

Among states with at least five CEOs in the Equilar | Associated Press study, New York-based CEOs received the highest median pay package. There were 34 New York-based CEOs in this year’s study, who were awarded median total compensation of $14.4 million. The 23 Illinois-based CEOs were a close second, raking in a median total compensation of $14.2 million.

Once again, California boasted more CEOs in this study than New York with 49. Texas (33), Illinois (23) and Massachusetts (18) rounded out the top five states with the highest prevalence of CEOs.

In total, 36 states were represented in the study. Equilar is also conducting a study with the Associated Press on the largest CEO packages awarded to companies in each individual state, regardless of size or index classification, which will publish in the coming days.

*Total compensation includes information disclosed in company proxy statements including salary, bonus, stock and options valued at grant date, any deferred compensation, and other compensation (including benefits and perks).


For information regarding this study and the underlying datasets, or to learn more about Equilar Research Services, please visit https://www.equilar.com/research-services.html or email the Equilar research team at researchservices@equilar.com.


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Amit Batish, Content Manager at Equilar, authored this post. Charlie Pontrelli, Research Manager, conducted the data and analysis for this study. Please contact Amit Batish at abatish@equilar.com for more information or commentary on Equilar research and data analysis.

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